Bill Text: DE HB242 | 2009-2010 | 145th General Assembly | Draft

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Bill Title: An Act To Amend Title 30 Of The Delaware Code Relating To Personal Income Tax.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2009-06-24 - Stricken [HB242 Detail]

Download: Delaware-2009-HB242-Draft.html

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SPONSOR:	Rep. Kowalko & Keeley & Sen. Henry

HOUSE OF REPRESENTATIVES

145th GENERAL ASSEMBLY

HOUSE BILL NO. 242

AN ACT TO AMEND TITLE 30 OF THE DELAWARE CODE RELATING TO PERSONAL INCOME TAX.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (Three-fifths of all members elected to each house thereof concurring therein):

Section 1.Amend section 1102, Title 30 of the Delaware Code by adding a new subsection 1102(12) as follows:

"(12) For taxable years beginning after December 31, 2009, the amount of tax shall be determined as follows:

5.65% of taxable income in excess of $25,000 but not in excess of $60,000;

6.95% of taxable income in excess of $60,000 but not in excess of $100,000;

7.45% of taxable income in excess of $100,000.".

SYNOPSIS

This Act amends the personal income tax for Delaware residents according to the rates set forth in the bill.The projected additional annual State revenue to result from the proposed rate increase amounts to approximately $75.4 million.